LIC’S Jeevan Pragati Plan (T-838) is a Non Linked with Profits Endowment Plan Which Is a Combination of Protection and Savings. In This Plan Risk Cover Automatically Increases after Every Five Years.
- Cover age group from 12 to 45 years.
- Risk Cover Increases as the Age Of Policyholder Increases (Up to 200%).
- Eligible for Bonuses and Final Addition Bonuses declared by LIC.
- Double Accident Rider Available.
- Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
- Loan and Surrender Facility Available.
- On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.
Death Claim Benefit:
- Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Death Claim Benefit:
- In case of death during 0-5 years, 100% Sum Assured + Bonus will be paid to the nominee.
- In case of death during 6-10 years, 125% Sum Assured + Bonus will be paid to the nominee.
- In case of death during 11-15 years, 150% Sum Assured + Bonus + Final Addition Bonus will be paid to the nominee.
- In case of death during 16-20 years, 100% Sum Assured + Bonus + Final Addition Bonus will be paid to the nominee.
|Age at Entry||12 Years (Completed)|
|Maximum Age at Entry||45 Nearest Birthday|
|Maximum Maturity Age||65 Nearest Birthday|
|Policy Term||12 to 20 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Sum Assured||1,50,000 and above (in multiple of 10,000)|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|